The world’s largest mobile telecommunication tower operator China Tower, is raising $8 billion to $10 billion in Hong Kong IPO. The IPO will value the company in the range of $40 billion, and will be one of the largest capital raised on the Hong Kong Stock Exchange.

China Tower was formed in 2014 with the merger of China Mobile, China Telecom and China Unicom in 2014. It is the world’s largest telecommunications tower infrastructure service provider, operating and managing 1,872,154 sites and served 2,687,475 tenants. In 2017, the company have a market share of around 96.3% in China (number of sites in the PRC telecommunications tower infrastructure market). In 2017, China Tower reported operating revenue of $10.2 billion (CNY 68.66 billion) and operating profit of $1.156 billion (CNY 7.71 billion).

The company major shareholders are China Mobile (38%), Unicom (28.1%) and China Telecom (27.8% stake). China International Capital Corp and Goldman Sachs are joint sponsors for the IPO.